Evening Star Newspaper, March 8, 1935, Page 16

Al ¥+» ONBANK PROGRAM Savings Conference Speak- ers Plead for Great Care in Congress. BY EDWARD C. STONE. Speakers before the annual Eastern Regional Savings Conference in New York, in which Washington benkers are greatly interested, urged great care and caution by Congress in consid- eration of the large amount of pro- posed legislation relating to banking matters at the opening sessions held yesterday. T. J. Caldwell, president of the Sav- ings Division of the organization and vice president of the Union National Bank of Houston, Tex., warned that because of “irresponsible loans” there is only disaster in prospect “unless the Federal Deposit Insurance Corp. can be considerably restricted.” Much of the proposed legislation in Washing- ton, he said, is “‘contrary to the prin- ciples of commercial barking.” James K. Steuart, treasurer of the Savings Bank of Baltimore, reported that Maryland savings banks are con- cerned over the “program of political encroachment.” John B. Burton, president of the National Bank of Far Rockaway. characterized the small merchant and small business man as today's forgot- ten man. He said that the most profitable phase of banking today is the personal loan business. Henry F. Long, commissioner of corporations and taxation of Massa- chusetts, said: “We have not really been pressed through the Yyears to scientifically develop a well- co-ordinated and completely just tax structure. “So universal has been the thought that real property was properly sub- Ject to tax that the creeping paralyz- ation of this form of tax was not noticed until failure of other sources to continue substantial yields threw an almost unbelievable burden upon this class of property.” Jason Westerfield, assistant secretary of the New York Stock Exchange, told the conference that “our immediate problem is to bring about a better understanding on the part of the public of the service that the world of finance renders to society.” “Economic ignorance is the source of the wave of hostility against busi- ness generally and banking in par- ticular which has swept over the country like wildfire,” he said. “The only antidote for misunderstanding is truth and your job and ours is to inculcate economic truth into the minds of the public.” Other speakers included David Friday, Washington economist, a mem- ber of the board of directors of the Bureau of Economic Research, and Henry R. Kinsey, president of the Savings Bank Association of New York. The meeting is sponsored by the American Bankers' Association. Undue Credit Control Feared. Directors of the United States Cham- ber of Commerce recognize that timely modifications in the Federal Reserve act and policies of the system will continue to be necessary. However, in a statement just issued, the board adds that the country must weigh carefully the adequacy of safeguards against the political domination of the Federal Reserve Board, the Reserve banks and the member banks. and against undue centralization of credit control. Various banking groups are study- ing the pending proposals. The board urges that the commercial and in- dustrial interests of America do the same without delay and be prepared to register their opinions upon the measure and upon the announced pur- poses underlying it. The directors added: “It is hoped that early consideration will be given by Congress to the amendments contained in title I of the proposed “banking act of 1935, modi- fying the present plan of insurance of bank deposits, and to the provisions of title III that deal with some tech- nical modification of existing banking laws. “It is urged, however, that Congress deal with the proposed amendments to the Federal Reserve act, contained in title II, separate and apart from the other portions of the bill. Business asks reasonable time to determine its position upon the amendments to the reserve act, that are contained in title II, and to make known its views to Congress.” Would Pay Off Bank Claims. Purchase by the Reconstruction Finance Corp. of the remaining assets of closed national banks and payment to the depositors of 60 per cent of proven claims, is provided in a bill introduced in Congress. Depositors in reorganized national banks closed since January 1, 1930, who accepted Prev. High. 123 110 Am Can (15) 157 151% Am Can pf (7). 20% 45% 761 334 40! 112 92 43 70 134 103 Am S&R 6% pf (§3). 126% 121 FINANCIAL, Stock and Dividend Rate. 1925 Low. 16% Alaska Jun (+1.20). 1 Alleg Corp (k).. 132 Allied Chem (6. 14% Allis-Chalmers 28Y% Amal Leath pf ((12) 4815 Amerada Corp (2).. 471 Am Ag Chem Del(2) 13% Am Bank Note..... 25 Am Brake Shoe 80c. 66 Am Chicle (13%).. 25 Am Comcl Alcohol. 613 Am Crystal Sugar. . 57% Am Crvstal Sug pf. 2% Am & Foreign Pwr. 17 Am & For Pw pf (7) 4% Am & For Pw 2d pf. 17% Am Hide & Leath pf 313 Am Ice Co 5 Am (nternational. 2 Am La Fran pf (k). 10% Am Locomotive 5 Am Mach & Metals. 14 Am Metals...... 2 Am Power & Light. 9%, Am P&L $5 pf (1%)x 12 Am P&L $6 pf (1%)x 11 Am Radfator...... 17% Am Rolling Mills. .. 323 Am Smelt & Ref. [T O PR T eE o ® =S =3 S antcnmae [T} Am S&M 7% pf (7). 10 THE EVENING STAR, WASHINGTON, EAUII[]N URGED TRANSACTIONS ON THE NEW YORK STOCK EXCHANGES](][}KS|RR[[;U|_AR 2:30 p.m, 10!/- Add 00, High. ln' Close cnle 5! 1 1 16% 17% + 1 133% 134‘1 15 28‘/: - 28 55% 49% 88 Am Stl Fdry pf (2). 37% Am Stores (12%).. 60 Am Sug (2)... 126'4 Am Sugar pf (7) 106% 102% Am Tel & Tel (9) 843 R68y 138 634 19% 14 9 45 48 12% 175 4l 6l 77% Am Tobacco (5). 78 Am Tobacco B (5).. 129'¢ Am Tobacco pf (6), 3% Am Type Fdrs (k). 11'. Am Type Fdrs pf(k) 91, Am Water Wks (1). 5% Am Woolen .. 37 Am Woolen pf.. 313 Am Zinc & Lead. 9y Anaconda Copper. 15 Anchor Cap (60c). . 36 Archer-Dan M t1%. 4'5 Armour of Illinois. v 6413 Armour [11 pr pf (6) 110 T8 29% 14 5% 6% 15 17% 104 40% 7 1315 1713 17% 3814 347 2614 137 231 108 10 597 971, 25% 3418 4 Arnold Constable... 9 Asso Dry Goods. 37% Atch To&S F (h2 74'3 Atch To&S F pf (5) . 23 Atlantic Coast Line. 22Y Atlantic Ref (1)... 106% Atlas Powder pf (6) 474 Atlas Tack.. : 1813 Auburn Auto Tix Austin Nichols 312 Aviation Corp Del. 1'; Baldwin Loco (k).. 8% Baltimore & Ohto. . 10'; Baltimore & Ohio pf 100% Bamberger pf (61) 323 Barker Brothers pf. 57 Barnsdall Corp... .. 12 Belding-Hem (h50¢) 12'; Bendix Aviation. .. 151 Beneficial Loan 1%. 34 Best&Co (2). 24% Bethiehem Steel 165 Bigelow-San Corp 1014 Blaw-Knox 18 Bloomingdale HOE) 1034 Bloomingdale pf 11) 63, Boeing Airplane. .. 53 Bohn Alum&Br (3). 90 Bon Ami (A)(t5).. 23 Borden Co (160)... 281, Borg Warner (1%). 24'; Briggs Mfz (2) ... 231 Briggs & Strat (3). 331; Rristol-Myers +2 40 « 367x Bkin-Man T(a75¢).. 2 Bklyn & Queens. .. 20 BkIn&Queens pf(2) 47 Bklyn Union Gas(5) 54 Brown Shoe (3).... 9% Bucyrus Erfe cv 64 Bucyrus Erie pf (") 3% Budd (E G) Mfg... 26 Budd (EG) Mfgpf. 27 Budd Whee 5 9'¢ Bullard Co..... 4'; Burns Bros pf..... 141 Burr Add M (60c) .. 13 Bush Tr Bldg pf ct. 1 Butterick Co 13! Byers (A M) 13 Callahan Zine. 2% Calumet & Hecla 9% Canada Dry G A (1) 97 Canadian Paciflc. .. 33% Cannon Mills (2)... 515 Capital Admin (A). 3213 Cap Admin pf A (3) 50% Case (J I) Co...... 89 Case (J pfi4).... 3615 Caterpillar Trac(1) 2215 Celanese Corp ... 1% Celotex Co vte (k) 221 Cent Aguire (1%)., 7 Century Rib Mills. . 2 984 Century Rib M pf 7. 38% Cerro de Pasco (2). 4 Certain-teed Prod.. w 28% Ches & Ohto.(2.80). 15 180 57 184 38 Chesap Corp (3)... 1% Chi Grt West pf. Chi Ind&Lou pf lk) 17 Chi MiI StP&P. .. 2 Chi Mil St P &P pf. 3 Chi & Northwestrn. 51 Chi & Northwest pf. 1%ChiRI&P (k).. . 2% Chi R 1&P 6% pf(k) 21 Chi R I&P 7% pf(k) 10 Chi Yellow Cab (1). 26 Chickasha CO (2).. 9 Chile Copper. 3215 Chrysler Corp . 87 City Ice& Fpf6%. 3 City Stores (k)..... 15 City Stores ctfs (k) 13 Clark Equip (80c).. 1617 Coca-Cola (8)... 5513 Coca-Cola (A) TEIN 164 Colgate-P-P t50c) .. 103 101 Colg-P-Ppf (6).... 85 514 77 Collins & Aik pf (7) 2% Colo Fuel & [ron(k) > whEmune S nmme - - o REma= T =D = - s ~Eo meemEeenBeee St EY S = @ 56% 49% 1 118 10315 1031y 5 & STOCK AVERAGES Compiled by the Associated Press, Net change 1 pm... Previous day Month ago . Year 1935 1935 1934 1934 1932 1929 1927 280 high low . high low low high low Stock and Dividend Rate. 21k Horn Coal pf (k) Equit Office Bldg. 8 Erie RR........ 10 Erie R It 1stpf.. 10% Eureka Vac Cl(80c) 161 Evans Auto (a2ic). 474 Fairbanks Co pf. 17 Fairbanks-Morse 71% Fairbanks-Mrs pf.. 48 Fed Lt& Trpf (6).. "« Fed Water Sve (A). 30% Fid Ph F Ins(11.35) ; Firestone (40c) ... Firestone pf A (6).. 4715 First Nat Strs(213) Follanshee Bros (k) )% Food Mach (aZic).. er-Wheeler.. ox IFilm (A) .. 20 Freepo 34 Gen Am Trans(1%) 131 Gen Asphalt. 5% Gen Brouze . 50': Gen Cigar (17): 2015 Gen Electric (60¢). 11% 11 Gen El spec 6ve 35! 344 13 100 30 20% 108% 18 <3338 324 Gen Foods (1.80)... 28 Gen Motors (1) .. 107' Gen Motors pf (5).. 9312 Gen Print Ink pf(6) 18 Gen Ry Signal (1). x 16% Gen Refractories. .. 161y Gen Refre cctfs.... 13' Gillett Saf Raz (1).x 70': Gillett Saf R xvflS). Gimbel oros. ... 4 Glidden Co (11 30). 104°x Glidden Co pr pf (7) 15% Gold Dust (1.20).. Gold Dust pf (6). 3 Gotham Silk Hose. . Graham-Paige. 5% Granby Consol. 2 and Union... and Union pf 113. 30 Grant (W T)(t1%) 10% Great Northern pf . . 9% Great Grt V » Hahn Dept Stores. . Hahn Dpt Stores pt Hall W F Printing. Harb Walker (1)... Hat Corp (A) .. . 5 Hazel Atlas Gl (5) . 7314 Hercules Pw (13%) 8+ Holland & Son (50c) Homestake M (136) 4% Houdaille-Hersh B. 1'% Houston Oil. . 2'3 Houston Oil (ne 43 Howe Sound (3).... 2% Hudson & Manhat.. 8 Hudson & Man pf.. 81 Hudson Motor Car. Hupp Motors. . 174% 33 7014 85l 4% 16 | 5 1615 9% [11inofs Central 28'4 Indus Rayon (1.68). 64 Ingersoll-Rand (2). 494 Inland Steel ¢1).... 4 insur Shct Md l4e. 12 Interboro Rp Tr(k) 4% Interlake Iron... 3'; Int Agriculture.... 149% Int Bus Mach (p6) .. Int-Carriers Ltd 20¢ ' Int Cement (1).... Int Harvester (60c) 11 Int Hydro Elec (A). 2214 Int Nick Can (60c). 21'; Int Print Ink (1)... 13 Int Rys Cent Am pf 314 Int Shoe (2) 6% Int Tel & Tel 10 interstate Dept Strs x 5T 73 32% 10712 1093 2413 30 B367a 1043 1% 129 21% 135‘: 413, Johns-Manville. ... 5613 Jones&Laugh T%pf . 7'z KaufmannDeptS40e 15% Kayser(J)& Codle. « 1 Kelly-Spring T (k). Tia Kelly-Sp Tire 6% pf 6 Kelsey-Haves (A).. 31 Kelsey-Hayes (B).. 15'2 Kelvinator (170¢).. 147« Kennecott C (60¢). . 15 Rails. —1 19.8 19.9 23.2 317 276 Sales. Add 00. High. 15 60 Util. Stocks. +.3 229 22.6 24.1 352 26.6 223 406 242 239 1843 61.8 +.2 36.9 36.3 514 349 16.9 157.7 61.8 Net Low. Close. Chge, % 60% + % 16% + % b 8% — % - % Prev. 1025 D. C, Stock and Low. _Dividend Rate. 72Y% N Y Shipbldg pf (7) 80 N Y Steam pf (6).. 90 N Y Steam 1st (7).. 30% Noranda Mines (h2) 2% North Am Aviation. 10% North Am Co (1)...x 21 37% North Am Co pf (3) x 13% Northern Pacific. .. 35% Northwest Tel (3). 1% Norwalk Tire&Rub. 9% Ohto Ofl (h4S¢e).... 27% Oliver Farm Equip. 16% Oliver F prpf A 4 Omnibus Corp. 13 Otis Elevator (60¢). 474 Otis Steel...... 837 Owens-111 Glass (4) 18% Pacific G& E (1%). 20% Pacific Lizhting (3) 14!4 Pacific Mills (h50c) 70 Pacific Tel & Tel (6) 7 Pac W'n Oil (h40e). 37 Packard Motor . 10% Pan American Pet., %% Panhandle Prod&R. 3 Par-Publix ctfs (k) 215 Park Utah .. 7u Parmelee Transport % Pathe Exchange. . 13 Pathe Exchange(A) 1% Peerless Motor.... 6415 Penick & Ford (3). 64% Penney (J C) h1 0. Penn Dixie Cement. 18% Penn R R (1) 110% Peoples DS pf 61.. Bales— Add 00. High. 75! 1 90% 36% 24 10% 40s 20s 108 23 i 2 8 1408 1 17 2 2 1 8 1 1 2 4 5 400, FRIDAY, MARCH 8, 1935. Net | Prev. Low. Close. Cage. | High. 5 175 %, 1’ 90% 90% 34 3%+ % 2% ¢ 10% 4+ % 37% + % % — % 38 Y% -4% 5 2% 21 10% 37% 14% 37 1% 49 43% 37% Stand Ol N J(11% ) 64n % 118% 115% Sun Oil pf (6) 9% 2% —_— 21% 27% 6115 5015 16% 1111 881, 2614 1935 Low. Stock and Bllec— ‘Dividend Rate. 19 38, 4 631 3 a7 58% Sterling Prod (3.80) 6% Stewart-Warner... 2% Stone & Webster. 4 Studebaker pf (k).. ™% 1% 3 % 3% 2 118% oY% 1% 6% Superior Steel ..... 2 Symington (A 8% Texas Corp (1). . 31 Texas Gulf Sul (2)., 314 Tex Pac Coal & Oil.. 81 Tex Pac Land Trust 15% Thatcher Mfg (a25c’ 51 Thatcher Mf pf 3.60 6 The Fair. .. . 214 Thermoid Co. ... 2% Third Avenue. 14 Thompson Produ: 2 Thompson Starrett, 81 Tide Wat Asso Ofl .. 84 Tide Wat AOpf(6)x 5 ‘Transamerica (25¢) 6 Transue & Williams 2% Tri-Contl Corp. 36 Trieo Prod (213). 4 Truscon Steel., 3% Twin City RT.,... 18% Twin City R T pf 55'% Und-Ell-Fisher (2). 42 Un Bag & Paper (4) 44 TUn Carbide&C 2.40,, 14% Un Oil of Cal (1)... 86% Un Pacific (6). 82 Un Pacific pf (4). 24'; Un Tank Car (1 "0)‘ 10'; United Aircraft. ... 1874 FINANCIAL. T + 8 + 3% — 119 % 1% - 18% 32% + 5 +1 + oA+t 4 e 267x Kinney (G R) Co pf 110s 20'x Kresge (SS)(1)... Kroger Gr&Bk 1.60. 26% Lambert Co (3).... 10 Lee Rub&Tire (50c. 14 Leh Port Cement... 1% Lehigh Valley Coal. 6% Lehigh Val Coal pf. 25% Lib-0-Ford G1(1.20) 102 Ligg & Myers (15). 102 Ligs & Myers B(t5) 14% Lima Locomotive. . 17% Link Belt (60¢). ... 25'% Liquid Carb (11%). 31% Loew's Inc (2).. 102 Loew’s Inc pf (6’5) 1'% Loft Inc 126 Loose-Wiles pt (7). 19 Lorillard P (12.20). 130 Lorillard P pf (7).. 20 11 4 1031 105% 105% 14% 1919 4 100s 1271 2 20% 40s 133 o, | conditions. 2's Peoria & Eastern 134 Phelps Dodge(h75c) 3715 Philip Morris (1) .. 14!4 Phillips Petrol (1), 5 Plerce-Arrow (k) ... 7« Pierce Petroleum. . 8 PittsCoal. .. . 6'< Pitts Screw & lml( 24's Pitts Steel pt. .. 7 Plymouth Oil (1). 715 Poor & Co (B) . 10% Postal Tel & 1% Pressed Stl C 42% Proc & Gamb (1%)., 20% Pub Serv N J (2.80) 2% Pub Serv N Pub Sve ) 85% Pub Serv N J pt (1) 527, 43% Pullman Inc(3).. 7% 6% Pure Oil .o 107 8% Purity Bakeries (1) 77 4'; Radlo Corporation. 50% Radio Corp pf A 3% 35'2 Radio Corp pf (B).. 113 Radio-Keith-Or (k) 41, Real Silk Hosier: 1% Rels (Robert). . 8% Remington-2and. 2!; Reo Motor Car.. 101 Republic Steel. ..., 21% Reynolds Metals1). 4612 Reynolds Tob B (3) | 110 106 Safeway Strspf (6) i 112% 110 Safeway Strapf (7) 17% 121, St Joseph Ld (40c). St L San Fran (k). St L San Frpf (k). 231 Schenley Distillers, 2 Schuite Retail Strs. 12 Schulte Re Strs pf. 420s 21 2 31% Sears Roebuck. T Servel Inc. . Sharon Steel HOOD arp & Nohme harp & D pf (313). Shattuck: F G)25; Shell Union Ofl. . .. hell Union Oil pf.. Iver King C (40c) : Simmons Co. Simms Petrol (1).. : Skelly Oil., 17% Snider Packing. ... 1214 Sacony-Vac (60c). 107; Sol Am Inv pf(5%) 20~ Sou Por RicoSug(2) 114 South Cal Ed 114). 13% Southern Pacific. .. &1; Southern Ratlway.. 10 Southern Spencer Kellog 1.60 « Sperry Corp (25¢).. 9% Spicer Mg, ....... 334 hp!(‘(‘r Mrg nf 3). mSmame NnacTawwnnmaat 108 7% Stand G & E $7 pf.. < Stand Oil of Cal(1). ' Stand Oil of Ind (1) 29 29 | 46 1 4% United Air L vte. ... United Carbon 2.40. Tnited Corp Tnited Corp pf. ited Druz ited Elec Coal. T1% United Fruit (3).., ' Inited Gae Imp (1) 0+ CUST | . us 1244 1065 U 69 U 40'% L ++1 12 1% 21% 15 14% 11 Univ Leaf Tob (2), 1% Univ Pipe & Rad. .. Univ Pipe & Rad pf. 260s 1< Util Pwr & Lt (A).. 3 « Vadsco Sales Corp. nadium Corp '4 Van Raalte..... ' Vick Chem (12.40), 3 Va-Car Chemieal... 20%, Va-Car Chem 6% pf 72'; Va El & Pwrpf (6). Ind Alcohol (2)" Leather U S Realty & Impr. tubber..... Rubber 1st pf. melt & R (h9). 1 3 1 1 s 1208 27% Walgreen Co (m1). Walgreen pf (613). Warner Bros Pic Warren Bros. . Warren Fdy&P. : Wesson O&S(t1 West Pa Elec A (7) 25) 5 908 West Pa Elec pf (6) 200s s West Pa Elec nf (7) West Pa Pw pf (6). West Pa Pwr pf (7) Western Maryland 2208 108 208 Western Pacific. ... Western Pacific pf. Western Union.. Westingh'se Elec Weston Weston Elec A (2). » Westvaco Chl (40¢) White Motor. 1% 11% m 18 117% 111 lec In, Wilson & Coal2lic Wilson & Co pf (6).. Woolworth (2.40).. Worthington Pump Worth Pumpf A.. Wrigley(Wjr)t31%. 11:00 A.M 1:00 P.M cash declarations in stock e Pavabl: in cash or stock in Stock < Plus 4% dividends k Col " ganized M| in stock Plu Yellow Truck...... 36 Yellow Truck pf.. 18% Young Sp & W 113 of Stocks on the New York Ilchll(a 0, "X Ex- dfimu 4 10s 5 140.000 270,000 12:00 Noon. 2:00 P.M. tPartly ast year—no_ regular rate a Palg this vear ++1++ + +1+101 1+ 54 1 311 — T+ = + Dividend rates as eiven in the above lnble are lne annual DAYNerts based on the iatest quarterly or haif-yearly | s Unit of trading less than 100 h Paid I e extra. &llllfllllL 2Plug | May W " Firmness of Metal, Utility and Some Industrial Shares Noticed. L #“ K % BY VICTOR EUBANKS, Associated Press Pinancial Writer, NEW YORK, March 8.—PFirmness of the metals, utilitics and scatiered industrials kept the stock market on a little better than an even keel today. ;| Trading, however, was even duller than in the preceding session. Gains of fractions to around a point were shown by U. S. Smelting, McIntyre Porcupine, Dome, American Tele- phone, Consolidated Gas, Eastman Kodak and Coca-Cola. Such issues as Du Pont, General Motors and Santa Fe were about unchanged. Johns- Manville, Union Pacific, General Elec- tric and a number of others eased. The late tone was irregular. Trans- fers approximated 450,000 shares. Eastman Kodak shares got up 2 points and gainers of major fractions to a point or so included Coco-Cola, Continental Can, American Can, Case, Proctor & Gamble, Texas Gulf, Amer- ican Bank Note, American Telephone, Consolidated Gas, Public Service of New Jersey, McIntyre Pdrcupine, United States Smelting, Cerro de Pasco and Noranda Mines. Slight improvement was shown by Santa Fe and Southern Pacific, bit Union Pacific, New York Central and Pena- sylvania were a shade lower. The carriers failed to respond to a greater than seasonal increase in car | loadings for the week ended March 2. The total for this period was up 51,- 746 over the previous week and was accounted for principally by higher | coal and miscelloneous freight ship- ments, General Motors reported February | sales were substantially ahead of thos~ in January and also the 1931 February, but the stock did not run v from the rest of the list and s virtually unchanged during most of the session, The better tone in the utilities helped to cheer the drooping spirits of brokerage circles. Many analysts expressed the opinion this group had been oversold and. at present prices, probably had discounted much that may happen to it. Chicago Grain’ By the Associated Press. CHICAGO, March 8—Doubts re- garding prospective monetary condi- tions did much to keep grain prices within narrow limits today, but in- clined to firmness at the last. | Failure of the Liverpool wheat mar- l- ket to reflect yesterday's upturn in } Chicago led to some selling here. On the other hand, there were late re- ports of serious dust storms in Ne- braska, Wheat closed unsettled at the same 1, | @s yesterday's finish to !2 higher, 1, | May, 9674-% corn, 13-'; down; May, f 2 | 82-82'4: oats unchanged to 14 up and provisions unchanged to a decline of ;| 2 cents. 1 NHEAT— Ouen. Hish Low a0y EULACHEH | Mav July September.. RLE— b Payable 1n | July eported in receivership or n stock. nPlus 3% in stock 1 Plus $1 in special prefarred | September. | ) Accumulated ‘ BARLEY— | | | By the Associated Press. | NEW YORK, March 8 —While some { market commentators today looked | for a further recovery continued to advise caution. | Charles D. Barney & Co—It is probably conservative to lighten com- mitments on any additional moderate rally. Shields & Co.—Only a careful trad- ing policy is possible under present D E. A. Pierce & Co.—It cannot be said that the market picture is any clearer than it was a week ago. | Hornblower & Weeks—We would not be inclined to do any more sellmg | for the present. Jackson Bros, Boesel & Co.—The market remains selective and prom- ises to continue so for a while. J. 8. Bache & Co.—A higher price structure may be attained by the gen- | eral list over the next week or so. my in 505,224, over the previous year, it is stated by Thomas A. Buckner, president. gain during the single year 1934 is greater than the total amount of | assets accumulated by the company during the first 44 years of its history. Substantial Gain In Assets Shown | Waslnngton Exchange SALES. Washington Rwy. & Elec. pfd.—1 at 103, 10 at 103!, By N(‘.W YOI‘k Life Mergenthaler Linolype—l AFTER CALL in stocks, Others | gpecia pispaten to The Star. March 8.—Assets o(’ | the New York Life Insurance Co. on NEW YORK, ecember 31, an 1934, totaled $2.10! increase of $98,562,112 The “A decrease of $17,000,000 in policy loans and an increase of over $60.000,- 000 in new ‘insurance issued during the year reflects the general improve- ent of business in 1934, said President Buckner. Liabilities of the company, which clude reserves to meet all con- Capital Traction 5s—$500 at 96%, 6 at 30. $1,000 at 9634, $500 at 9634. | BONDS. Bid and Asked Prices. PUBLIC u'nl.m Amer, Tel, & Tel 4135, Tel, col tr. avttal Traction B, R City & Suburban 5s Georgetown Gas 1st 5. . Fou Elec._Pow. Cons 5s. Potomag Elee s Wash: Bey. & Elec. 4s. 1..-‘.-': MISCELLANEOUS Barber & Ross, Inc, 6as . Chevy Chase Ciub 5 Z Col Country Club n':s D, C, Paper Mig os .. W. M. Cold Storage 5s. s-rocx's. T LoBEIN Chicago Cash Market. Wheat. No. 2 red, 97%: No. 1 hard, 1.04%,; No. 3 mixed, 99'; corn, old, No. 2 vellow, 84; new No. 3 mixed, 8334;-No. 2 yellow, 86; No. 3 white, 88%; oats, No. 1 white, 56; No. 2 white, 56; no rye; soy beans, 2 yellow, 1.10 bid net track country station, no sales: barley, 68a1.20; timothy seed, 16.75a18.00 per hundredweight; clover | seed, 15.50a20.15 per hundredweight. Liverpool Grain Prices. LIVERPOOL. March § (¥.—Wheat fu- tures closed steady. Prev March | May < fJuly U] October Exch: PERSONAL PROPERTY TAXES DISTRICT OF COLUMBIA AND MARYLAND 2813 Th 591 45% T9% 474 19 Colo Fuel & Ir pf (k) tractual obligations, were $1.994,134,- EUBEC DrItne 579. The company voluntarily set up | amers Tera e, Ty and included in its liabilities a spe- | X. cial investment reserve of $28,000,000, | and also set aside reserves of $45.- bank stock in whole or in part for their deposits, would similarly be re- imbursed up to 60 per cent of the value of the stock they accepted. Bank clearings in Washington in 1 1% 30s 8% 3 39 1100 4% Col Gas & Elec. 2 ‘ " 1 Louisiana Oil.. . 45 ColG&EpfA ld‘ 7% Louisiana Oil pf. 341 Colum Pic vte (m1) 473 38 Louisv & Nash (3). 67 Columb Carbon (4). 103 90% Ludlum Stl pf (6%) 39'% Comcl Credit (2)...x CORPORATION REPORTS Refundable on Many Bonds 100 - Selected List on Request 2 the first week in March were 28 per cent above the figure in the like period a year ago. The national average gain was 13.3 per cent. Clear- ings in Richmond were up 232 per cent. The Baltimore advance was almost exactly the same as the na- tional average. New 1935 peaks were the rule all over the country. The Virginian Railway Co. has epplied to the Interstate Commerce Commission for authority to issue $3.- 710,000 first mortgage 4': per cent series B bongls to reimburse its treas- ury for expenditures for improvements which included construction of the Kanawha River Bridge and for cer- tain equipment. New Treasury Bill Offering. New Treasury offerings are coming thick and fast these days. All the banks here received notices today from the Federal Reserve Bank of Richmond announcing the offering of $100,000,000 Treasury bills, dated March 13, 1935, of which $50,000.000 will mature on September 11. 1935, and $50,000,000 on December 11, 1935. Both series will be sold on a discount basis and tenders will be received up to Monday. March 11. On the Washington Stock Exchange today Capital Tractions 5s were again very strong, changing hands at 96% on two $500 sales and one $1.000 transaction. Washington Railway & Electric preferred stock opened at 103 and closed at 1031.. Mergenthaler Linotype was unchanged at 30. Tran- sit stock was quiet today, closing with 233, bid and 2412 asked, but no sales. The county commissioners of How- ard County, Md., will receive bids at Ellicott City until March 19 on $80,000 Howard County 4 per cent Elkridge Water System bonds, dated March 1, 1935, and due 1938 to 1970. SHOE OUTPUT TAPERS. NEW YORK, March 8 (#).—Show- ing a reversal of the trend a year ago, shoe production tapered last month, according to preliminary trade esti- mates. Output was figured around 27,000,000 pairs, as against an esti- mated 30,000,000 pairs in the pre- ceding month. 5% 32% 33 6214 5214 Comel Credit(A)(3)x 3 29 Comecl Cred pf (1%) 140= 2915 Comel Cred (B)(2) . x 564 Comel Inv 'r(t23%) 1155 113% Comel Inc ev pf(e6) 237 1% 40% 34% 10' 82 T4 2214 22% 82 21 8% 1% 13% 5% 104 31 21% 431 19% 78 17 29% 41% 12% 24% 16% Y4 9913 18% Comc'l Solv (85¢).. % Comw & Southn. 291 Comw & Sou pf ( 28% Congoleum-N(1 60) 71 Consol Cigar....... 71% Con C pr pf ww 6%. 5 Consol Film 18% Consol Film pf (§2). 15% Consol Gas N ¥ (1). 72% Consol Gas pf (5).. 1% Consol Laundries... 74 Consol Ol (h42¢). e 5 Consol Textile. ..... 10% Container Corp (A): 3% Container Corp (B). 47 Contl Baking (A) .ee 7 Contl Baking (B) 62% Contl Can (2.40) . 7 Contl Dia F (al5c).. 30, Contl insur (11.35).. % Contl Motors lsh Contl O Del (th). 44% Corn Ex BK&Tr (3). 62 Corn Prod Ref (3).. 4% Coty Inc. - 357 Cream of Wht 'Ilfi 121 Crosley Radio. 3% Crown-Zellerback. 1 CubaCo....,. 5% Cuban-Am Sugar... 403 Cuban-Am Sugar pt 17 Curtis Publishing.. 2% Curtiss Wright..... 6% Curtiss Wright (A). 24% Deere & Co. . 19 Deere&Co pf (§20¢). 25% Delaware & Hudson 12 Del Lack & West... 67 Detroit Edison (4).. 115 Devoe & R 1st pf(7) 261 Diamond M (1134).. 34% Dome Mines (13%). 8% Dominion Strs(1.20) 18% Douglas Aircraft... 14 Dresser Mfg A h1% % Duluth S S & Atl pf. 895 Du Pont de N (2.60) 129 1267% Du Pont deb (6)... . 107 104 Dugquesne Lt 1st (5) 12356 110% Eastman Kod (5). 5% Eastern Roll Mills. 16% Eaton Mfg (1)....a 20% Electric Auto Lite 4% Electric Boat. 6% Elec & Mus 1 1% Elec Pwr & Lig 4 Elec Pwr&Lt $6 pf. 3% Elec Pwr&Lt §7 pt.; 1008 30%% 9! 91 2128 128 308104 104 91% 128 104 #OEFR FE OFER = -% 2 5% 5% 5% 8 121% 120% 121% +2% 6 18% 18 18% 22 A% 22 4% 117% 13 69 45% 87 45 15% 28% 44v T 113 MacAnd & F pf (6). 8% McCrory Strs A (k) 57% McCrory Strs pf (k) 36% Mclntyre Porcu (2) 7 McKesson & Rob... 37 McKesson & Reb pf 12 McLellan Stores (k) 221 Mack Truck (1).... 36% Macy (R H)& Co(2) 513 Madison Sq Garden 18% Magma Copper (2). 1% Mallison & Co . 8132 Mallison & Co 17 ManElevmg (k).. 11 Manhat Shirt (60 5% Marine Midld (40c). T3 Marshall Field. 7 Martin Parry.. 25% Mathieson Alk(1%) 38% May Dept Str (1.60) 5lg Maytag Co........0 33 Maytag pf ww (3).. 41 Melville Shoe(t2%) 3% Mengel Co... . 2313 Mengel Co pf. 24'x Mesta Mach ( 27% M-G-M Pic pf (1 59) 10% Mid-Cont Pet(h50c) 912 Midland Steel Prod. 60'% Mid Stl Pr 1st pf(4) 58 Minn-Hon R (13%) 4% Minn Moline Pow. . 32% Minn Moline Pow pt 3 Mo Kan & Texas. .. 6% Mo Kan & Texas pf. 2 Mo Pacifis pf (k). 23% Montgomery Ward. 14 Munsingwear Inc. 5% Murray Corp 19% % 8% 146 18% 17% 15% Nat Dairy Prod 1.20x 14 16% 16 4% 34% 29% 125 T% 50'% AT% 28% 8 28% 21% 13 25 L) 815 14% 164 12% Nash Motors (1). 5% Nat Acme Co. 6% Nll Aviation. 141% Nat Biscuit pf (7)., 14% Nat Cesh Reg A 60c 1% Nat Dept Store (k). 21% Nat Dep St 1st pf(k) 24% Nat Distillers (50c) 121% Nut Lead pf (B)(6) 5 Nat Pwr & Lt (80¢) 43 Nat Steel (11%)... 41 Nat Supply pf.... 22% Neisner Bros(t1%) 24 113% 109 Newberry (JJ)pf(7) 40; 118'74 112‘/1 llg\fi o 5% Newport Industries 20% N Y Airbrake. 12% N Y Central R R. 84 N Y Chicago & St L. 12% Iy YChi& St L pf.. Investors (k). . 116% 9% 65 434 . T 43'% 124% 22% 378 6 208 117% 3 » £ A= > ST I ToT IO~ { ooy JUTe PP TN s Fenea 60 5% 514 T 25% 1 IHK‘ 141% 141% 3 15 14% }6 6 1% 1% 1% + 60s 22% 22% 22% + 27 2T 26% 26% — 208 1256 1256 125 5 5% 5% 5%+ 7 43 42% 42% — 108 42% 429 42% + 5 23% 23% + - FEeD R OeN N we Be wsew ressss ress TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. 51 NEW YORK, March 8.—The fol-| lowing is teday's summary of corpora- tion news prepared by Standard Sta- tistics Co, Inc, New York: Chrysler Corp. retail deliveries of Chrysler cars in week ended March 2 totaled 921 units, a gain of 29 per cent over the previous week; Chrysler car deliveries in first nine weeks of 1935 amounted to 4,586 units, against 541 in like 1934 period. Hayes Body Corp. 1934 deficit was $121,670 vs. deficit $288,382. Muskegon Motor Specialties Co. 1934 net income was $107,716, equal to $1.80 a class A share, vs. deficit $55,323. Southern Bell Telephorie & Tele- graph Co.—January net operating in- come was $923,971, $888.856 in January, 1934. Wilcox-Rich Corp. 193¢ class A share earnings were $16.12 vs. $7.60. Commercial Credit Co—Company disclosed that its program of capital simplification involved authorization of new convertible preferred in amount of $25,000,000, consisting of 250,000 shares, $100 par, and would be issuable in one or more series; it was expected that less than $20,000,- 000 par velue would be required for exchange offer and that remaining $5,000,000 or more would be available for such corporate purposes as direc- tors hereafter might determine; divi- dend rate would not exceed 5!, per cent. National Enameling & Stamping Co. president said that company's business so far this year is not as a s good as 1n like 1934 period and that | 13 > are not as satisfag A B Union Oil Co. of California—Vice | 1 President Matthews said company’s first quarter profits were running bet- ter than in any similar period of re- cent years; he stated present divi- dend rate of $1 annually would not be changed and that there was a | 3% were compared with | steadied up. . tober, January, 6.62. 734,207 for dividends payable to.pol- icy-holders in 1935. | Total insurance in force, represent- Capital (4) ed by 2,649,953 policies, was $6,661,- | 4,072. New 000 to the company for annuities to Pprovide a life income. New York Cotton By the Associated Press. NEW YORK, March 8—Cotton futures opened barely steady, 1 to 5 lower under near-month liquidation and foreign selling of late* positions. March, 12.16; May, 12.30; July, 12.3 chber. January, 12.32. 12.22; December, There was some liquidation in March incident to the circulation of few notices, but these offerings absorbed and the May advanced from 12.29 to 12.32 and the more active months were holding within a few points of yes- terday’s closing at the end of the first half hour. llverml Qlahthnl. (#.—Cotton. 16,000 h l i l l‘h fl X les. nclu nl 2.1 0 _American, Spot_in de d: pi iower, strict’ good m 740; strict middli nnct low middlini limited demani Suotations. iddling ices 2 points in_pence: 0: dling, 7.10: lo strict e ordinacy P. e .20, Futures closed 0: May, 6.84; December, 0: R 24 July, 6.62; U. S. TREASURY NOTES. (Reported by Chas. D. umr & Co) Rl!e—-lllul!" Mar 15, 1945 Tas June 15. PP SRS e RARaRRE i &a RRART AN s e et 3 = ot 8 1228; | Americau | | Wash. Ry. & Ei. ofd NATIONAL BANK | L market | Wash. Ry & El. Co. (12 ®)". Liberty () Lincoln (5) insurance issued in 1934 | Riges (%) |amounted to $440,000,000, and in ad- dition men and women paid $45,000,- Riggs ofd (5} Washington (6. 100 TRUST COMPANY Amer Sec. & Tr. Co. (8). | Natl Sav & Tr Wash. Loan & Tr. (8). SAVINGS BANK. Com. % Savings (6) American (12) Corcoran n.bm Firemen's (1 RNatlonsi onion «.60 Columbia (.30).. .. - Real Estate (6) Laniston Monotype . (4).- Mergenthaler Lino wdw VER dbvide. Great nts.__G Sweden, 24.65: Deny gl2: Bwitreriand. Portugal. 4 mehollo'lklm Austri lominal. EEas (Quotations as of 2 4V pitd .vuln 4 4 Nov July, ”" FEDERAL LAND NEW YORK, March 8 ().—Federal Land | Bank bonds: .. 198 100 184 150 FIRE XNSURANCE 78 i0 TITLE INSURANCE. 47, 82 MISCELLANEOUS. 1o ey Gitlaena Dlylble March FOREIGN EXC}IANGES NEW YORK. March 8 (P.—Foreian ex- Britain 3 in dolla 60-day bili: : cables, 6.6 ] Montreal in New York. New York in Montreal. 100.93%. BANKS o'clock ) GILLET & CQ, Woodward Bldg. Natl. 2460 C. valier Apt.—6! Riverside Apt.—Ist Corcoran Courts—Ist 3's Bo Hilltop, Manor—1st 6%'s Bon Hamilton Hotel—1st 6'4's C/DS Ebbitt c"“?—l“ mortgage bon or C/ C. B. Pennebaker Company, Inec. Southern Blds. Washington, D. C. National 2335 National 2313 “Dealers in Unlisted Securities Specializing in Real' Estate Mortgage Bonds” First Trust Loans For Purchasing a Home or RE-FINANCING EXPIRING TRUSTS NO COMMISSION CHARGE NO RENEWALS REQUIRED Terms Arranged on Easy Monthly Payments